US-based cards and payments firm Apto Payments has acquired credit card startup, Vertical Finance, in a bid to bolster its product offerings and team.
Financial details of the deal have not been disclosed.
With this deal, Apto Payments will gain Vertical Finance’s credit card platform and rewards technology.
Vertical Finance’s credit platform is claimed to match consumers with boutique merchants and rewards to ‘enhance their lifestyle pursuits’.
Apto Payments co-founder and CEO Meg Nakamura said: “Card issuance represents a critical new frontier for consumers and businesses as innovations in payments strive to create positive impact across a variety of use cases.
“We are thrilled to team up with Vertical Finance, a pioneer in modernizing the credit card industry, to realize our shared vision of lowering barriers to entry and enabling superior customer experiences.”
Apto Payments expects Vertical Finance’s team of fintech experts to contribute to its growth, development of new offerings, and expand access to financial services.
The Vertical Finance team includes co-founder and CEO Matthew Goldman, co-founder and COO Samantha Nebrich, CTO Richard Francia, chief architect Dominic Cheung, and full stack engineer Evan Li.
Goldman said: “Apto is at the forefront of bringing the power of cards to companies and developers everywhere. We are excited to combine our technology with the Apto platform to enable new experiences.”